China has agreed to provide Rs 870 million to Nepal as economic grant assistance for this fiscal year.

Ramesh Nath Pandey (File Photo)

Ramesh Nath Pandey (File Photo)
According to reports citing the Foreign Ministry, an agreement to this effect was signed by the visiting minister for foreign affairs, Ramesh Nath Pandey and his Chinese counterpart, Li Zahaoxing, in Beijing-the Chinese capital-on Monday.

The economic grant assistance, according to reports, will be provided to Nepal as a non-project assistance, which is on top of the annual official development assistance China provides to Nepal.

Apart from this accord, four other agreements, including utilization of highways in Tibet; multiple visa agreement for officials and diplomats, renewal of Letter of Exchange on trans-frontier pasturing of livestock by the border inhabitants, were also signed.

Similarly, visa fees for businessmen were also waived. Details on the decision were not given.

Minister Pandey who left for China Saturday afternoon on an 11-day official visit met Chinese president, Hu Jintao, Monday and discussed bilateral issues.